Austerity or Democracy in Greece?

Newsletter 2015/07/08 – Austerity or Democracy

ATHENS/BERLIN (Own report) – At Berlin’s insistence, Greece will not
receive debt relief and will be forced to submit – contrary to the
Greek population’s “No” last Sunday – to Germany’s austerity dictate,
or exit the Eurozone. This is what the Eurogroup decided at its summit
yesterday evening. Debt relief, as French Prime Minister Manuel Valls
had been still considering yesterday afternoon, is out of the
question, announced German Chancellor Angela Merkel following the
meeting in Brussels. Athens will also have to present detailed
austerity proposals by Thursday. European Commission President
Jean-Claude Juncker explicitly declared, “if the Greek government is
not doing what we expect” a “Grexit” will be initiated. According to
insiders, cash will be available at Greek banks only for another two
days. By withholding ECB emergency funding, Greece can be driven into
collapse, at any time. Just prior to the summit, leading economists
signed an appeal to Chancellor Merkel, asking her to stop the
“never-ending austerity” – to no avail. In the meantime, even
Washington has intervened in the debate. A special EU summit, convened
for Sunday, will take the final decision on Greece’s future.


By piotrbein